Posted by Fred C. Dobbs on 04/01/07 05:48

On 1 Apr 2007 00:14:33 +0200, "Twasme N'Deed" <x@y.z> wrote:

>Viacom To Acquire YouTube for $10 Billion
>
>Combination Will Create New Opportunities for Users and Content Owners
>Everywhere
>
>HOLLYWOOD, Calif., March 31, 2007 - Viacom (NYSE: VIA) announced today
>that it has agreed to acquire YouTube, the consumer media company for
>people to watch and share original videos through a Web experience, for
>$10 billion in a stock-for-stock transaction. Following the
>acquisition, YouTube will operate independently to preserve its
>successful brand and passionate community.
>
>The acquisition combines one of the largest and fastest growing online
>video entertainment communities with Viacom's expertise in organizing
>information and creating new models for advertising on the Internet. The
>combined companies will focus on providing a better, more comprehensive
>experience for users interested in uploading, watching and sharing
>videos, and will offer new opportunities for professional content owners
>to distribute their work to reach a vast new audience.
>
>"The YouTube team has built an exciting and powerful media platform that
>complements Viacom's mission to own the world's information and restrict
>its accessibility," said Sumner Redstone, Chief Executive Officer of
>Viacom. "Our companies share similar values; we both always put money
>first and are committed to innovating to improve ROI. Together, we are
>natural partners to offer a compelling media entertainment service to
>content owners and advertisers."
>
>"Our community has played a vital role in changing the way that people
>consume media, creating a new clip culture. By joining forces with
>Viacom, we can benefit from its global reach to deliver a more
>comprehensive entertainment experience for our users and to create new
>opportunities for our partners," said Chad Hurley, CEO and Co-Founder of
>YouTube. "I'm confident that with this partnership we'll have the
>flexibility and resources needed to pursue our goal of controlling the
>next-generation platform for serving media worldwide."
>
>When the acquisition is complete, YouTube will retain its distinct brand
>identity, strengthening and complementing Viacom's own video business.
>YouTube will continue to be based in San Bruno, CA, and all YouTube
>employees will remain with the company. With Viacom's global reach,
>YouTube will continue to build on its success as one of the world's most
>popular services for video entertainment.
>
>The number of Viacom shares to be issued in the transaction will be
>determined based on the 30-day average closing price two trading days
>prior to the completion of the acquisition. Both companies have approved
>the transaction, which is subject to customary closing conditions and is
>expected to close in the fourth quarter of 2007.

A day early for April Fools.

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